Portugal to offer banks 20 bln euros of financing

LISBON, Oct 12 (Reuters) - Portugal will offer a financing line worth 20 billion euros ($27.45 billion) to guarantee the liquidity of its banks amid the financial crisis, Finance Minister Fernando Teixeira dos Santos said on Saunday.

"It is a measure of systemic nature aimed at reinforcing the ability of the financial system as a whole to obtain liquidity," he told reporters after an extraordinary meeting of the cabinet, reiterating though that the country's banks were solid.

"I expect that all the banks will be able to use it (the credit line). It is not a sign of any fragility," he said. (Reporting by Sergio Goncalves; Writing by Andrei Khalip; Editing by Greg Mahlich)